Term Insurance 115 views October 30, 2021

A term insurance plan provides financial support to your family in case of your absence. And for buying a term plan, you need to undergo certain medical tests as specified by the insurance company. But why is a medical examination needed? The insurance company requests you to undergo a medical examination to see whether you have any pre-existing medical illnesses or chronic diseases because this is likely to give rise to a claim during the policy term. But some plans may not come with a mandatory medical examination clause, making you opt for the same. However, one should introspect the cons of it too before making up their mind on the matter. Why not read this post where we’ve detailed it to help you decide about it better? Let’s check the information on term insurance plans without medical examination.

Benefits of Term Insurance Plans without Medical Examination

When you get a term insurance policy, a medical test gives the insurer an idea about your health status upon which your premium and sum assured will depend. So, if any illness is traced during the medical examination, it could affect your premium amount and sum assured. But some term insurance plans don’t require any medical tests. In such plans, the insurer will calculate your sum assured based on your age and pre-existing conditions declared by you.

Some companies may also offer you term insurance without the medical test if the sum assured is not more than INR 1 crore. In such a case, the insurer will take your medical history over a call and issue the policy, provided you are a healthy person. But if the sum assured is high, the insurer might ask you to undergo a medical examination to get the right idea of your health status at the time of policy issuance.

Cons to Deal with When Choosing Term Plans without Medical Examination

If the insurer provides you an option to get a term plan without medical examination, the following could result.

Low Coverage

You won’t get higher coverage of INR 1 Crore or more in case you purchase a term plan with no medical examination because there’s a high risk attached to that. And no insurance company shall take that risk and make you undergo a medical examination before offering you a term plan.

High Premium

The premium amount charged in a term plan with no medical examination is based on your age at the time of purchase and the medical history disclosed by you. So, there is a high risk to that compared to a plan where a medical examination is carried out. That’s why the insurer charges a higher premium.

Claim Rejection

There are higher chances of a claim rejection if you buy a term plan without a medical examination. Because the insurer doesn’t know anything about your medical history unless you disclose the same at the time of purchase. And if you hide anything, it could lead to your claim rejection should the situation arise later.

The List of Term Insurance Plans without Medical Examination

The following are the term plans that will provide you with a life cover without conducting any pre-medical examinations.

PNB MetLife Mera Term Plan

In case of death of the life assured, the company shall pay a death benefit to the nominee under PNB MetLife Mera Term Plan. You can choose the death benefit payout at the inception of the policy from the following options –

  • Lump sum payment on death
  • Lump sum + monthly income for 10 years
  • Lump sum + increasing monthly income for 10 years
  • Lump sum + monthly income till the child is 21 years old

Here, you can also buy an additional online term policy without any medical examination. This way, you can increase the sum assured based on your life stages –

Marriage – 50% of the original cover, subject to a maximum of INR 5,000,000

Childbirth – 25% of the original cover, subject to a maximum of INR 2,500,00

ICICI Prudential iProtect Smart

ICICI Prudential Life Insurance provides you with the following life cover options under this term plan without medical examinations.

  • Life – Death Benefit + Terminal Illness
  • Life Plus – Death Benefit + Terminal Illness + Accidental Death Benefit
  • Life & Health – Death Benefit + Terminal Illness + Accelerated Critical Illness (ACI) Benefit
  • All in One – Death Benefit + Terminal Illness + Accelerated Critical Illness Benefit + Accidental Death Benefit

Here, you have the option to receive the death payout in any of the following modes –

  • Lump sum
  • Regular income
  • Part in a lump sum and remaining in income
  • Increasing income

You can also enhance your coverage based upon the life stage such as –

  • Marriage – INR 50,00,000
  • Birth or Legal Adoption of first child – 25,00,000
  • Birth or Legal Adoption of the second child – INR 25,00,000

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